Q4 2018 Earnings Forecast for Kennametal Inc. Issued By Jefferies Group (KMT)
Kennametal Inc. (NYSE:KMT) – Research analysts at Jefferies Group boosted their Q4 2018 earnings estimates for shares of Kennametal in a note issued to investors on Thursday. Jefferies Group analyst S. Volkmann now anticipates that the industrial products company will post earnings of $0.71 per share for the quarter, up from their previous estimate of $0.70. Jefferies Group currently has a “Buy” rating and a $50.00 target price on the stock.
A number of other brokerages have also issued reports on KMT. Wells Fargo & Company upgraded Kennametal from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $26.10 to $43.50 in a report on Friday, August 4th. Zacks Investment Research lowered Kennametal from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. BidaskClub lowered Kennametal from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Stifel Nicolaus reiterated a “hold” rating on shares of Kennametal in a report on Friday, August 4th. Finally, J P Morgan Chase & Co upgraded Kennametal from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $40.00 to $43.00 in a report on Thursday, August 17th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $43.95.
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Kennametal (NYSE:KMT) opened at 40.51 on Friday. The company has a market capitalization of $3.27 billion, a price-to-earnings ratio of 66.41 and a beta of 1.94. Kennametal has a 52 week low of $26.79 and a 52 week high of $43.09. The firm has a 50-day moving average price of $37.26 and a 200-day moving average price of $38.13.
Kennametal (NYSE:KMT) last released its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.08). The company had revenue of $565.03 million for the quarter, compared to the consensus estimate of $562.16 million. Kennametal had a net margin of 2.39% and a return on equity of 12.51%. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.44 earnings per share.
Hedge funds have recently bought and sold shares of the company. Dynamic Technology Lab Private Ltd purchased a new position in Kennametal in the 2nd quarter valued at about $435,000. Public Employees Retirement System of Ohio lifted its stake in Kennametal by 122.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 107,855 shares of the industrial products company’s stock valued at $4,036,000 after buying an additional 59,361 shares in the last quarter. Koch Industries Inc. purchased a new position in Kennametal in the 2nd quarter valued at about $211,000. Ameritas Investment Partners Inc. lifted its stake in Kennametal by 2.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 31,157 shares of the industrial products company’s stock valued at $1,166,000 after buying an additional 693 shares in the last quarter. Finally, Nomura Holdings Inc. purchased a new position in Kennametal in the 2nd quarter valued at about $538,000. 96.86% of the stock is currently owned by institutional investors and hedge funds.
In other news, VP Charles Michael Jr. Byrnes bought 1,900 shares of the stock in a transaction dated Friday, August 18th. The shares were acquired at an average cost of $33.00 per share, with a total value of $62,700.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Christopher Rossi bought 29,880 shares of the stock in a transaction dated Friday, August 18th. The shares were purchased at an average cost of $33.46 per share, for a total transaction of $999,784.80. Following the completion of the purchase, the insider now owns 29,850 shares in the company, valued at $998,781. The disclosure for this purchase can be found here. 2.00% of the stock is currently owned by company insiders.
Kennametal Inc is a supplier of tooling, engineered components and materials consumed in production processes. The Company operates through two segments: Industrial and Infrastructure. The Industrial segment generally serves customers that operate in industrial end markets, such as transportation, general engineering, aerospace and defense.
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